Tether commits $2.15B to AI infrastructure while reaching $150.3B market cap and maintaining 98.2% Treasury-backed reserves, demonstrating dual financial and technological expansion strategies.
Last week, Tether announced a $2.15B investment in AI cloud infrastructure through Northern Data Group, marking its largest tech commitment to date amid record USDT market dominance.
Recent Developments (since 17 May 2024)
10 June 2024: Tether finalized its $2.15B investment in Northern Data Group’s AI cloud infrastructure projects, revealed through official filings. This brings total 2024 tech investments to $3.4B according to TechCrunch’s 11 June analysis.
1 June 2024: USDT market capitalization peaked at $150.3B according to CoinGecko data, capturing 68.9% of stablecoin market share as competitors faced regulatory challenges.
28 May 2024: Monthly attestation showed direct US Treasury holdings grew 2.8% month-over-month to $98.2B, with excess reserves reaching $6.1B – sufficient to cover 126% of non-cash liabilities.
Historical Comparison
When compared to Q4 2023 figures (31 December 2023: $84.3B Treasury holdings), Tether has increased government debt exposure by 16.5% year-to-date while reducing commercial paper holdings by 93% since June 2022.
The stablecoin’s market dominance has grown steadily from 58.1% on 1 January 2024 to current levels, contrasting with USDC’s 3.2% market share decline during the same period per The Block’s 2 June report.
